The break above gives the buyers some corrective action hope.
The EURUSD has moved higher for the 2nd consecutive day, and in the process has pushed above the 100 hour MA at 1.16172 (see blue line in the hourly chart below). The price last traded above that MA on September 24th. The move above gives the buyers some short term control. Stay above and more corrective upside probing will be eyed.
The price has also printed above the 38.2% of the move down from the most recent swing high at 1.16356.
ON more upside momentum today (with risk at the 100 hour MA), the 50% (at 1.16583) and downward sloping trend line (at 1.1660), and the falling 200 hour MA (at 1.16663) become the next cluster of resistance.
Looking at the daily chart, the move higher today has push back above the 1.1601 to 1.16116 area which represents the swing lows from September and November 2020. The price broke below those levels on Wednesday's trade of last weekend stay below on Thursday and Friday(with the price moving within that swing area only to find sellers). Today, sellers initially tried to hold the level, but gave up in the the European morning session. It will take a move back below the 1.1601 level to increase the bearish bias on daily chart.
To start the week, the buyers are taking back some control at the lower levels with more targets on the topside still in the way.
